Insurance

Case Studies

Leveraging an offshore service delivery model to increase IT audit support

The Audit Focal Support team in a global financial institution wanted to increase the turnaround time (TAT) for coordinating audit requests that came after US EST business hours. Within a short period, Infosys BPM quickly ramped-up an offshore team to help the client gain operational flexibility, capture process knowledge, and reduce cost.

The client

A global financial institution that provides life insurance, investment, and related insurance products and services to more than 13 million individual and institutional customers in the US. The company also serves more than 75 million customers across 50 countries. The company has about US$460 billion worth of assets under management.

Business need

The Audit Focal Support team in the company coordinates and supports both internal and external IT audit requests, across all lines of business (LoBs), round the clock. The team has about 100 applications that help in storing and processing data related to audit requirements.

While the team works year round on IT audit requests, there was a marked need to increase the turnaround time (TAT) to notify application owners and receive audit evidence. The client wanted to:

  • Provide support for audit requests that came after US EST business hours
  • Increase TAT to coordinate audit requests
  • Gain operational flexibility by leveraging an offshore-based service delivery model
  • Reduce cost while functioning at full capacity
  • Capture process knowledge in quick-time as several key members of the team were retiring

Our solution

The client asked Infosys BPM to ramp up at a very short notice. First, an experienced transition manager from Infosys BPM undertook the remote transition of processes. Then, three professionals, from the offshore team, took charge of knowledge transfer and the creation of a standard operating procedure (SOP).

Deployment

  • Three audit support professionals co-ordinated audit requests from auditors both internal and external
  • Infosys team:
    • Monitored the audit SharePoint site for audit requests
    • Liaised with application owners through the ServiceNow ticketing tool or email
    • Followed up diligently with reminder mails whenever necessary
    • Reviewed collected evidence before posting the same on to SharePoint site
    • Generated SOX and Evidence Request reports on a regular basis

The client’s audit team also conducted additional reviews before sharing the evidence with auditors.

Highlights

  • Transition completed within six calendar weeks
  • Team attained steady state quickly to support more than 10 different types of audit requests
  • Quick ramp-up of three professionals offshore with a fair knowledge of the client’s applications, ticketing tools, and regulations
  • Fast execution of new audit support process, due to prior knowledge of the ServiceNow ticketing tool
  • Quick capture of process knowledge, without leakage, before the retirement of key audit audit focal team members

Further, the co-location of the Infosys BPM audit focal support team, with a large technical helpdesk, helped the team understand various client applications, DBs, and respective owners.

Benefits

  • Reduced operational cost by ~25 percent through offshoring and adopting a remote transition methodology.
  • Achieved higher productivity by completing the request for deliverables, reminders, and escalations tasks within five hours vs. SLAs of eight hours.
  • Extended service hour support to notify IT owners immediately about audit requests that emanated beyond US EST business hours.
  • Enabled client to comply with stringent regulatory audits by publishing reports on time.
  • Enabled the client to support the full volume of audit requests, despite resignations of key audit focal team members.

The Infosys BPM advantage

  • WebEx based remote training to hasten transition timeline and reduce cost
  • Prior knowledge of ticketing tool and applications enabled the team to quickly ramp on audit support process curve
  • Co-location of audit focal support team with a larger technical helpdesk team that supports several client applications helped the team immensely to understand the applications and owners

About Infosys Insurance BPO

Infosys Insurance BPO services over 45 clients with 1,400+ professionals supporting 15 languages across the globe. We provide end-to-end services across property and casualty (P&C), life, annuity and retirement (L&A), group insurance, and reinsurance

Related reading

Infosys BPM service offerings for the insurance industry

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